Hisense-backed Nazhen raises $720M in Hong Kong optics IPO
What's the deal? NazhenDealroom has a profile for this one. Try Dealroom → Technology, an optical communications and connectivity supplier, listed on Hong Kong's main board on September 22, raising US$685.4M. It priced at US$3.98 per share, offering 172 million shares globally, and opened up 11.04% at US$4.42 for a market value of US$4.35B.
Who backs it? Nazhen is controlled by Hisense GroupDealroom has a profile for this one. Try Dealroom →, which now counts it as its sixth listed company alongside Hisense Visual, Hisense Home Appliances, SandenDealroom has a profile for this one. Try Dealroom →, Ganzhao Optoelectronics, and Kelin ElectricDealroom has a profile for this one. Try Dealroom →. After the IPO, Hisense directly holds 36.66%; Primavera CapitalDealroom has a profile for this one. Try Dealroom →, via Global Optical, holds 13.59% as the largest external shareholder.
Why now? The listing caps a long spin-off process. The company, formerly Hisense Broadband Multimedia Technology, was renamed Nazhen in September 2025, filed with the Hong Kong exchange in August 2025 and March 2026, and cleared its listing hearing on August 30.
What's the endgame? Nazhen develops, makes, and sells optical modules, optical chips, and network terminals, and is among the few firms worldwide with both module and chip mass-production capability. By 2025 global optical module revenue, Frost & Sullivan ranks it fifth with a 4% market share; in China, it ranks third at 10.1%.
By the numbers: In the first half of 2026, Nazhen posted revenue of about US$741.1M and net profit of US$90.9M. That follows full-year 2025 revenue of US$1.15B and net profit of US$120M, a sharp jump from 2024's US$12.2M.
Where the money goes: Nazhen plans to invest in research and development of new products, expand optical module and chip capacity, raise automation across its product lines, and fund overseas expansion, strategic investments, and acquisitions. Cornerstone investors subscribed a combined $340 million, or 47% of the offering, including Primavera, Barings, and E FundDealroom has a profile for this one. Try Dealroom →.
The signal: Nazhen's debut reflects strong investor appetite for optical suppliers tied to AI and cloud computing, where surging demand for high-speed connectivity is reshaping the sector.
Read more: 36kr.com
Image credit: Groman123
